Debt, Capital Lease Obligations and Other Financing

Debt and capital lease obligations as of September 30, 2017 and October 1, 2016, consisted of the following (in thousands):



	2017			2016
Borrowings under the credit facility	$	108,000		$	75,000
5.20% Senior notes, due June 15, 2018	175,000			175,000
Capital lease and other financing obligations	30,901			13,614
Unamortized deferred financing fees	(794		)	(1,105		)
Total obligations	313,107			262,509
Less: current portion	(286,934		)	(78,507		)
Long-term debt and capital lease obligations, net of current portion	$	26,173		$	184,002

The Company has a senior unsecured revolving credit facility (the "Credit Facility"), with a $300.0 million maximum commitment that expires on July 5, 2021. The Credit Facility may be further increased to $500.0 million, generally by mutual agreement of the Company and the lenders, subject to certain customary conditions. During fiscal 2017, the highest daily borrowing was $151.0 million; the average daily borrowings were $106.7 million. The Company borrowed $331.0 million and repaid $298.0 million of revolving borrowings under the Credit Facility during fiscal 2017.

The financial covenants (as defined under the related Credit Agreement) require that the Company maintain, as of each fiscal quarter end, a maximum total leverage ratio and a minimum interest coverage ratio. As of September 30, 2017, the Company was in compliance with all financial covenants of the Credit Agreement. Borrowings under the Credit Facility bear interest, at the Company’s option, at a eurocurrency or base rate plus, in each case, an applicable interest rate margin based on the Company’s then-current leverage ratio (as defined in the Credit Agreement). As of September 30, 2017, the borrowing rate under the Credit Agreement was LIBOR plus 1.125% (or 2.358%). The Company is required to pay an annual commitment fee on the unused revolver credit commitment based on the Company's leverage ratio; the fee was 0.175% as of September 30, 2017.

The Company also has outstanding 5.20% Senior Notes, due on June 15, 2018 (the "Notes"). As of September 30, 2017 and October 1, 2016, $175.0 million was outstanding, and the Company was in compliance with all financial covenants relating to the Notes, which are generally consistent with those in the Credit Agreement discussed above.

The aggregate scheduled maturities of the Company’s debt obligations as of September 30, 2017, are as follows (in thousands):



2018	$	283,000
2019	—
2020	—
2021	—
2022	—
Thereafter	—
Total	$	283,000

The aggregate scheduled maturities of the Company’s capital leases and other financing obligations as of September 30, 2017, are as follows (in thousands):



2018	$	3,934
2019	2,705
2020	1,648
2021	820
2022	651
Thereafter	21,143
Total	$	30,901

The Company's weighted average interest rate on capital lease obligations was 4.51% and 5.58% as of September 30, 2017 and October 1, 2016, respectively.

The Neenah Design Center capital lease that commenced during fiscal 2017 resulted in a non-cash transaction of approximately $15.7 million and is reflected in the current portion of long-term debt and capital lease obligations, as well as in long-term debt and capital lease obligations, net of current portion, on the accompanying Consolidated Balance Sheets as of September 30, 2017.

The "Thereafter" line of the scheduled maturities of capital lease obligations table above includes an $8.6 million non-cash financing obligation related to a failed sale-leaseback of a building shell in Guadalajara, Mexico that was capitalized in fiscal 2014. This obligation will be increased by interest expense and land rent expense, and reduced by contractual payments during the 20-year lease term. As of October 1, 2016, the balance of the related financing obligation totaled $8.4 million. At the end of the 20-year lease term, the net book value of the assets will approximate the balance of the financing obligation. If the Company does not exercise both renewal options or exercises the first but not the second, it would record a loss related to the disposal of the underlying assets in operating results of $4.1 million in fiscal 2024 or $0.8 million in fiscal 2029.

The future minimum payments under the remainder of the ten-year base lease agreement, as well as the two five-year renewal options, are as follows (in thousands):



2018	$	1,513
2019	1,550
2020	1,589
2021	1,629
2022	1,670
2023 through 2024 (remainder of the ten-year base lease agreement)	3,466
	$	11,417
2025 through 2029 (first five-year renewal option)	9,451
2030 through 2034 (second five-year renewal option)	10,870
Total	$	31,738